Relief u/s 89
Section 89 is meant to provide relief from tax paid on arrears of salary received in lump sum on the…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Gift of Immovable Property- Invalid if not registered
The Gujarat High Court in the case of Commissioner of Income-tax Vs. Mormasji Mancharji Vaid (250ITR542) observed that while interpreting…
......Read More“Reasonable Cause” – Meaning Explained
In order to get-away from penalties it is desirable for an assessee to prove a reasonable cause of any failure…
......Read MoreInterest Free Advances
In the case of CIT v. India Carbon Ltd. (2001) 118TAX207 the assessing officer could only prove that the interest…
......Read MoreCharacter of any Payment/Receipt- Guiding principle
The capital or revenue nature of any payment is to be judged from the business viewpoint of the payer and…
......Read MoreRetracting Statement- Does Not Help
In the case of Dr. S.C. Gupta v. CIT (2001) 118TAX252 the assessee made surrender during the course of survey.…
......Read MoreSet Up of Business – Principles
The Supreme Court in the case of Ramaraju Surgical Cotton Mills Ltd. [1967] 63 ITR 478 long back had allowed…
......Read MoreStatutory Deductions- Admissible Even in Absence of Specific Claim
In the earlier law there was a provision that where there are no profits or gains made for an assessment…
......Read MoreStrong Need to Bring Legislation to Observe Uniformity and Consistency in Revenue Proceedings
Today it takes almost 4-5 years for any disposal of an appeal before Tribunal and in the case of High…
......Read MoreSubstance Over Form – Positive Side
In Sir Kikabhai Premchand v. CIT [1953] 24 ITR 506 (SC), the Apex Court held that in revenue cases regard…
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